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February 9, 2023

Chicago Energy Transformation Code Sets Up Cleaner Future But Challenges Developers Today

Former Florida Commissioner Of Agriculture Nikki Fried To Speak At National Cannabis Summit In Chicago Feb. 16
The city of Chicago is taking a major step toward a more sustainable future by requiring new buildings to comply with clean energy measures outlined in the 2022 Chicago Energy Transformation Code, a move that is being applauded by sustainability leaders while generating some grumbling from the development community.

Chicago Energy Transformation Code Sets Up Cleaner Future But Challenges Developers Today

Chicago became one of the first major U.S. cities to adopt and exceed the 2021 edition of the International Energy Conservation Code in September 2022, and it came with a long list of requirements for the development of new buildings. City building permits filed this year will need to comply…

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Luck And Guts Might Not Be Enough To Ride This Real Estate Cycle

When Monday Properties paid $740M for the Helmsley Building in 2010, the company’s CEO, Anthony Westreich, was expecting a win, but he didn’t realize just how good his timing was. Five years later, the company sold the office tower at 230 Park Ave. for $1.2B. “When you have success like that, it's a lot of luck,” he said. “The combination of increasing the occupancy, increasing the cash flow and cap rates compressing made us look smart on that one, but we made mistakes elsewhere.”

Luck And Guts Might Not Be Enough To Ride This Real Estate Cycle

Within a year of that sale, Manhattan-based Monday Properties had sold all 6M SF of its New York holdings, opting to chase office and multifamily deals in Northern Virginia. Westreich said the firm looked at some New York deals in the years since but didn't pull the trigger, and that…

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Mass Timber Branches Out Across Texas As Developers Look To Save Time, Fill Buildings

Mass timber has historically been shunned as too expensive and too risky. But commercial projects in Texas are beginning to come out of the ground like trees as exposure to the product and its benefits reach more developers. Across the state, there are 84 mass timber projects in design and another 50 that are either under construction or already built, according to industry group Wood Works. The material, once subject to a host of misgivings, is now being applied to a variety of asset types, including office, residential, industrial, higher education and athletic facilities. “Mass timber has so many benefits that go beyond what we first thought,” said Taylor Coleman, a project architect at Gensler in Dallas who heads the firm’s mass timber efforts. “I don’t think it’s a fad. I honestly think we’re just starting to see its true capabilities and nature.”

Mass Timber Branches Out Across Texas As Developers Look To Save Time, Fill Buildings

Developers are drawn to mass timber for many reasons. The obvious is its inherent sustainability, which helps investors and other stakeholders meet their environmental, social and governance requirements. But in an era of high inflation and historically low unemployment, the method’s relatively fast construction timeline and embedded recruitment advantages are perhaps…

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Critics Say Biden's Pledge To Require Infrastructure Construction Materials To Be American-Made Isn't Feasible

Critics Say Biden's Pledge To Require Infrastructure Construction Materials To Be American-Made Isn't Feasible   President Joe Biden, more than a year after passing the landmark Infrastructure Investment and Jobs Act, vowed during his State of the Union speech this week the federal government will push to require construction materials on federally funded projects to be made in…

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